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US Economic System
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Oh no, I forgot we have a test on the US Economic System tomorrow.
Don't worry, we can review on the way home.
So what're the 4 important principles?
They are Private Property, Freedom of choice, Profit, and Competition.
What does private property mean?
Private Property means that a man has the right to what he acquired. Basically, if you earn something you have ownership of it.
What about freedom of choice?
Freedom of choice means that you have the choice of what you want to do. You can choose to own property or to work or to buy and sell things. It is all your choice.
Ok well what about profit?
Profit is the money you get after you make a sale. Your profit is the amount of money you get back after spending money to make a sale.
Finally, what about competition?
Thank you so much!
Competition is basically a "rivalry" among different business' to sell to their consumers. Business' compete to make a profit and stay in business.
Anytime, we are going to ace this test tomorrow!
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